U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that after the SEC lost a lawsuit over Grayscale’s rejection of its application for a Bitcoin spot exchange-traded fund (ETF), similar It acknowledged on the 10th that it had little choice but to approve more than a dozen ETF applications.
Gensler said in a statement shortly after the SEC announced the decision that the crypto industry and investors have been waiting for, calling the approval “the most sustainable step forward.”
Calling attention to crypto asset products
Chairman Gensler said, “We are not endorsing or recommending Bitcoin itself,” adding, “Investors should continue to be cautious of the various risks associated with Bitcoin and products whose value is tied to crypto assets.” ” he warned.
Bitcoin is “a primarily speculative and highly volatile asset that is also used for illicit activities such as ransomware, money laundering, sanctions evasion, and terrorist financing.” It sought to clarify that the approval of these ETFs does not pave the way for further action by U.S. securities regulators.
“This does not indicate that the Commission intends to approve listing standards for crypto-asset securities,” Gensler said. It also does not represent the Commission’s view regarding the current failure of crypto market participants to comply with federal securities laws.”
The only digital asset that the commissioner routinely acknowledges is not a security is Bitcoin, and he argues that most other cryptoassets fit the legal definition of securities, which are legitimately under the SEC’s jurisdiction. ing.
Committee member who opposed: “A selfish path”
One of the SEC’s five commissioners, Caroline Crenshaw, objected to the approval.
“They have led us down a selfish path that may further compromise investor protection,” Commissioner Crenshaw said in a statement, adding, “These actions do not meet our legal or fundamental investor protection obligations. I cannot agree with that.”
Commissioner Hester Peirce, who has been a steady supporter of the crypto industry for years, hailed the decision as “an end to an unnecessary but consequential saga.” Noting the SEC’s loss in the Grayscale case in the U.S. Court of Appeals for the District of Columbia, “the only significant change since the last time we denied a similar application was a judicial rebuke.” It pointed out.
｜Translation and editing: Rinan Hayashi
｜Image: Jesse Hamilton/CoinDesk
｜Original text: Gary Gensler’s Begrudging Bitcoin ETF Concession: ‘We Did Not Approve or Endorse Bitcoin’